By operation of federal law, beginning January 1, 2013, funds deposited in a non-interest bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all non-interest bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount($250,000), for each deposit insurance ownership category. For more information about FDIC insurance coverage of non-interest bearing transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html.
You might find yourself wondering just how much of your money is covered by the FDIC since the expiration of the temporary FDIC insurance coverage. The FDIC recently rolled out their Electronic Deposit Insurance Estimator (EDIE), you can find this useful tool at www.fdic.gov/edie/index.html. If you discover that your assets are not fully covered or you would like to more effeciently organize your assets please give Freedom Bank a call at (406)892-1776 and one of our personal bankers will be happy to assist you in your financial planning.